BSE Ltd imposed fine of Rs.9,88,840/- on the Corporation for non-compliance with provisions of SEBI (LODR) Regulations, 2015, disclosure of which is attached.
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BSE Ltd has imposed a total fine of Rs. 9,88,840 on Gujarat State Financial Corporation for non-compliance with SEBI (LODR) Regulations for the quarter ended September 30, 2025. The fines relate to lack of Independent Directors on the Board and its committees, including Rs. 5,42,800 for Board composition, Rs. 2,17,120 each for Audit Committee and Nomination & Remuneration Committee constitution, and Rs. 11,800 for board meeting quorum. The Corporation explains that under the State Financial Corporations Act, 1951, all directors are shareholder nominees, making it legally impossible to appoint Independent Directors. GSFC has already approached the government for amendments to the SFCs Act and has requested BSE to waive fines until the Act is amended. The Corporation has also contested the Rs. 11,800 quorum fine as it is not among the top 2000 listed entities.
This is a recurring compliance issue stemming from a conflict between the old SFCs Act and newer SEBI listing rules. The fine amount is small relative to the Corporation's size and is unlikely to materially affect the stock price, but ongoing non-compliance and unresolved regulatory conflict may remain a concern for shareholders.